Representatives from 20 nations particularly subject to the consequences of climate change have gathered in Lima, the capital of Peru, to establish a coalition to fight global warming.
The group, which will call itself the Vulnerable 20 (V-20), comprises low- and middle-income nations from Central America, the Middle East, Africa, Southeast Asia and Oceania, Reuters reported.
They range from larger states with growing economies like Vietnam to tiny island nations like Vanuatu. The common thread is their shared vulnerability to the consequences of a warmer world. Collectively, they contribute only 2% of all global greenhouse-gas emissions. However, together they have recorded more than 50,000 annual deaths since 2010 and an estimated annual decline in GDP of 2.5%, both statistics that they attribute to climate change.
The group seeks to "strengthen economic and financial cooperation and action to address climate-change risks and opportunities" and seek "improved access to international climate-change finance."
Meetings of the International Monetary Fund and World Bank begin in Lima on Friday, before which the V-20 representatives intend to finalize their action plan. The proposal includes a suggested insurance facility that would assist in recovery efforts after natural disasters.